Why aren’t properties in this block selling?

Ybe

silvercar said:

Ybe said:

GDB2222 said:

Ybe said:

https://www.rightmove.co.uk/properties/156227354#/?channel=RES_NEW

This one has now gone down to 300k. It makes me think there’s something seriously wrong with these properties. How else can a new build go from 400k to 300k. That’s a 25% depreciation. 

As a comparison, this new build from a similar time (I think around 2018-2019) has held its value much better. https://www.rightmove.co.uk/properties/158164052

Are you saying that the £300k one was originally bought for £400k?

Yes although I believe originally it was sold as shared ownership 

Shared ownership is always overpriced. I can see a previous price of £315, listed in December and now reduced to £300.

Yes. That’s the same sale. The current owner would have purchased it as a new build around 2017. I mean originally it was sold for around 400k but on shared ownership.  

The new builds around Woodside Park tube station hold their value much better than the ones along North Finchley High Road. I am dubious about the new Taylor Wimpey development at Tally Ho too. I think that will depreciate fast too. Whereas the ones around Woodside Park have generally held their value. 

silvercar

Yes. That’s the same sale. The current owner would have purchased it as a new build around 2017. I mean originally it was sold for around 400k but on shared ownership.  

Makes sense. new builds are over priced, shared ownership is overpriced. Put the two together and you get a bigger drop on the re-sale. They didn't really pay 400 - they paid 140 for 35% or similar. Then rented the rest on a cheap rent deal. So now if they sell for 300, they are getting back 110 for 35% so down 30k, but they have had cheap rent on the rest for 8 years, so may still come out ahead compared to having rented something similar for 8 years, especially considering how private rentals have increased over the last few years in the area.

ReadySteadyPop

Ybe said:

https://www.rightmove.co.uk/properties/156227354#/?channel=RES_NEW

This one has now gone down to 300k. It makes me think there’s something seriously wrong with these properties. How else can a new build go from 400k to 300k. That’s a 25% depreciation. 

As a comparison, this new build from a similar time (I think around 2018-2019) has held its value much better. https://www.rightmove.co.uk/properties/158164052

Higher borrowing costs, these properties were never worth 400k, that was just a manic market based on cheap debt which thankfully no longer exists. If rates have to go up again they will lose more than 25% in my opinion.

Jaybee_16

Looking to the near future, there's the flats being built on the old Homebase site, Lodge Lane car park is to become a leisure facility with 98 flats, further south the current leisure centre/swimming pool/ cinema/bowling alley site is to be flattened for 1500 properties.
There's also the old council offices site in Whetstone (Ever Ready batteries offices for oldies like me) which is, I believe, still in planning dispute but due to be converted to flats.

There's a lot of development to come in Barnet.

Ybe

Jaybee_16 said:

Looking to the near future, there's the flats being built on the old Homebase site, Lodge Lane car park is to become a leisure facility with 98 flats, further south the current leisure centre/swimming pool/ cinema/bowling alley site is to be flattened for 1500 properties.
There's also the old council offices site in Whetstone (Ever Ready batteries offices for oldies like me) which is, I believe, still in planning dispute but due to be converted to flats.

There's a lot of development to come in Barnet.

That old Homebase site is selling now. £420k - £450k for 1 beds. 

There’s this site too which isn’t far off being built. Given the prices around this area of new flats from the last 5 years, 1 beds might be priced £450-500k? The viability assessment says £400-450k as of 2022.  https://publicaccess.barnet.gov.uk/online-applications/applicationDetails.do?activeTab=documents&keyVal=RIIJUFJIJPL00

Ybe

Can one even buy a decent 2 bed in the area within 10 minute walk of the tube for around £400k? 

GDB2222

Ybe said:

Can one even buy a decent 2 bed in the area within 10 minute walk of the tube for around £400k? 

You've been looking at flats in the area for a year or two, so if anyone can answer that questions, it's you!

ReadySteadyPop

Ybe said:

https://www.rightmove.co.uk/properties/156227354#/?channel=RES_NEW

This one has now gone down to 300k. It makes me think there’s something seriously wrong with these properties. How else can a new build go from 400k to 300k. That’s a 25% depreciation. 

As a comparison, this new build from a similar time (I think around 2018-2019) has held its value much better. https://www.rightmove.co.uk/properties/158164052

Both look like terrible value for money in my opinion.

RelievedSheff

ReadySteadyPop said:

Ybe said:

https://www.rightmove.co.uk/properties/156227354#/?channel=RES_NEW

This one has now gone down to 300k. It makes me think there’s something seriously wrong with these properties. How else can a new build go from 400k to 300k. That’s a 25% depreciation. 

As a comparison, this new build from a similar time (I think around 2018-2019) has held its value much better. https://www.rightmove.co.uk/properties/158164052

Both look like terrible value for money in my opinion.

Change the record.

silvercar

ReadySteadyPop said:

Ybe said:

https://www.rightmove.co.uk/properties/156227354#/?channel=RES_NEW

This one has now gone down to 300k. It makes me think there’s something seriously wrong with these properties. How else can a new build go from 400k to 300k. That’s a 25% depreciation. 

As a comparison, this new build from a similar time (I think around 2018-2019) has held its value much better. https://www.rightmove.co.uk/properties/158164052

Both look like terrible value for money in my opinion.

Humour us. Find a 2 bedroom purpose built flat in the N12 postcode that looks good value for money.